Univision Heads South
Univision (UVN) slipped 6% after the Spanish-language broadcaster missed second-quarter targets.
The Los Angeles company made $36 million, or 10 cents a share, down from year-ago $80 million, or 23 cents a share. Latest-quarter numbers included a 14-cent charge on a change in the value of its holdings of affiliate Entravision (EVC). Excluding that charge, latest-quarter earnings missed the Thomson First Call analyst consensus estimate by a penny.
Revenue rose 3% from a year ago to $508 million, missing the $523 million Thomson First Call estimate.
Univision also guided toward a third-quarter profit of 21-22 cents a share on a low-single-digit percentage gain on the top line. Analysts were expecting 24 cents on 7.5% revenue growth."Even though our revenues in the second and third quarters are facing difficult comparisons from our performance last year and an overall soft television advertising market, we expect our upfront success, coupled with our continued ratings momentum, to drive improved revenue growth in the fourth quarter and beyond," operating chief Ray Rodriguez said. Late Thursday, Univision dropped $1.68 to $27.54.
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